Word: dollarized
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Dates: during 2000-2000
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Though the odds are against it, a dollar implosion cannot be ruled out. Allen Sinai, president and chief global economist for Primark Decision Economics, a global forecasting firm, assigns it about a 30% chance. One reason is that money traders, once moved in any direction, have rarely been noted for moderation; they often push the price of any currency up or down far beyond what might be justified by economic fundamentals...
Fundamentals too could turn against the dollar. The doomsday fear is that the Fed, in its zeal to head off inflation, will hit the monetary brakes too hard, causing a severe slowdown in the U.S. economy. That frightens away some foreign investment, causing the dollar to drop sharply. Then inflation rises despite the slowdown, prompting the Fed to crack down harder still, and so on around a truly vicious circle...
...innate strength of the U.S. economy and the vigor of American productivity ought to prevent that circle from starting, and keep the dollar at least relatively strong for a long time to come. But as the dollar pessimists of 1998 have discovered, exchange markets are so volatile that any prediction at all about what they may do should be made with crossed fingers and accompanied by repeated knocks on wood...
...says team director Robert Neyland, the U.S. Navy's chief underwater archaeologist. It may have been hit by Union fire. Or maybe it got stuck on the bottom and the crew opened the sea cocks in a suicide pact. Even if the mystery is never solved, however, the multimillion-dollar recovery will be deemed worthwhile. "This was the first successful submarine in warfare," says Neyland, "and it was the prototype for subs that came later...
...visions of sipping wine in Provence clouding your thoughts at work? Cave in to them. The weakening euro makes Europe a relative summer bargain. Since its 1999 debut, the euro has lost almost 25% of its value with respect to the dollar. For U.S. manufacturers that export, that's not good, but for tourists it's a boon. The currencies of 11 European countries are tied to the euro, so their values have fallen in kind. In France $1 is worth 6.9 francs this month, versus 6.3 last year. That means a Paris hotel room, regularly $200 a night...